Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-03-12
WHO KNOWS?
Assertions are Made One Hour, Only TO
be Denied 'he Next, that the
B. and q. Deal is On.
PRESIDENT Garrett Refuses to TAX, while
an Unknown TeNs All About
New Proposition,

AN EXTENSION Or The OPTION AsKEy,.
NEW YORK, March 1.-THE Tribune
this morning SAYS: "Tne negotiations
for the transfer of the control Of the
Baltimore and Ohio Railroad 10 the New
York syndicate have not yet been carried
to q successful issue. II is reported that
the option obtained from President Gar
rett oy Alfred SulIy expired Yesterday
and that Mr.. Sully was upable TO raise
the money 10 meet the first p9vment.
" nile the exact terms OF The contract
are not known, i has been es-
tablished that S6,000,0O0 of the SIG
600 0O0 required for the purchase OF
} $4,000 shares at $500 was to be psid IN
J cash. The stock. however, was 20 he
: placed IN trust until the payment Of the
/ Temaining $4,000, 000, on which one
years time was given. It appears that
{ 81 the cash payment an instsllment OF
J 81 GOO, GOO was TO be paid yesterday The
sum was not sent to Baltimore but in
/ place OF the money -sQueSt for sn ex-
! tension OF the privilege was forwarded
1t Is not known that any reply TO the mes
( sage was received The most plausible
! excuse for the failure TO exercise
:
the purchasing syndicate desired longer
time for an investigation of the condition
OF the Baltimore and Ohio Company. The
assets and liabilities of the company were
stated in round figures when the privilege
on the stock was obtained, and many per
sons who had expressed willingness to
! join in the undertaking were reluctant, on
calm reflection, TO complete the bargain
without an expert examination Of the ST
fairs Of the company"
THE DEAL OFF.
NEW YORK, March IL The negOtia-
tons between Mr.. Garrett and the Rich
mond Terminal Company have fallen
through AMI the deal is off. 4 unw prop
OsitiOn IS now being considered by Mr.
Garrett, and negotiations are now ON foot
for the transfer Of the control of the
/ Baltimore and Ohio to 9 syndicate of pri-
V8te bankers.
NEW SCHEME ON FOOT.
NEW YORK, March 1.-THE negotla-
lions between Garrett and the Richmond
Terminal Company have fallen through
and the deal Is OFF. A new proposition is
now being considered by Garrett, and ne
gOtI1tions are now on foot for the trans
fer of the control of the Baltimore and
Onio to syndicate Of private bankers
The new arrangement, for the purchase of
control of the Baltimore and ONO by a
private syndicate, in which Garrett will
have an interest, Contemplstes the
placing of the stock in collateral
trust for the new company and
issuing bonds secured by this
trust to the amOuntOf $4,000, 900. These
| bonds are to be taken as part payment of
the stock. The new company will issue
$4,000 600 in stock, and the holders of
outstanding Baltimore and Ohio stock
will receive three shares Of new stock for
one of old. The new stock will receive
dividends at the rate of 6 per cent per an
mum. The express business, parlor cars
and telegraph lines are to be sold at the
best opportunity, but until that is done
will be operated as heretofore.
WILL BE WISE.
BALTIMORE, MD March II "A private
dispatch received i'll this city this after
noon from New York says the deal is not
of and it will be contaminated The fol-
lowing mas Just been issued from the
Baltimore and Ohio Railroad office:
"Mr. CARROTS attention was called to
newspaper reports regarding the proposed
railway Arrangement. He refused u talk
| further upon the subject, but Sc. what
/ W
mend themselves TO the community OF
Baltimore and be recognized as pro ective,
wise and valuable TO ell interests in
volyed.'
A STATEMENT.
| NEW YORK, March, 1.-THE following
statement is made by one of the syndicate
which is about to acquire control of the
Baltimore and OliO: president Gar
Tett has granted an extension Of time in
which TO take up the majority of the
| stock, and he will not hold out on tech
nicalitles either regarding the exact
| terms or time. There is no option given
| to any one person, but a written agree
ment is in this city giving 3 GER
tain party The right to buy the
stock, and this party although not
| interested in the contract is clearly
understood by both Mr.. Garrett and
! parties conducting the negotiations The
price is not more than $500, but whether
It is less or not | Will not say. Mr. Gar
rett will be represented in the syndicate
and Mr.. Gould will also be represented.
| This sale of property when eliminated
/ will bring about q settlement of the ques-
! ton of entering New York city end the
! telegraph and express lines will be sold.
! Mr.. SulIy has the same interest as before
| in the syndicate and all interests are
working in harmony. Negotiations re
ferring to the sale 10 the Rich
mond Terminal failed on account
Of the refusal of the execu-
! tive commit, ee yesterday to consent
TO the issue of the additional stock nee
| essary. The stock will be paid for in
cash, which will be either subscribed at
once by the syndicate or loaned by the
First National Bank, Drexel, Morgan &
/ o, or Winslow, Lauier & Co., who will
| issue negotiable certificates for If. The
probability at present, however, IS that
the necessary cash will oe subs cribed by
the formation Of new company. The
securities may ultimately De sold TO the
Richmond Terminal Company, but at
a higher price than paid by the syndi-
cate"
BUSINESS AFFAIRS.